Didn't want to hijack the post on tractor tales. Here is my question I don't understand nnalert WHAT IS IT BASED ON AND BACKED UP WITH? There is no real estate, not backed up buy say gold (unless I am wrong) How do you even spend it and cash it in for real money (US dollar). I have dabbled in stocks/investments all my adult life. Thanks to anyone who can add to this.
- Thread starter JOCCO
- Start date
bjb in TX from Ne
Member
Nothing. It is a pure fiat currency (nothing technically backs up the US Dollar either btw).
The "value" of bit coin is the secrecy and lack of transparency for digital transactions. Like paying cash for a tractor, only you and the seller know the actual amount exchanged.
The "value" of bit coin is the secrecy and lack of transparency for digital transactions. Like paying cash for a tractor, only you and the seller know the actual amount exchanged.
Mike(NEOhio)
Well-known Member
- Location
- Newbury, Ohio
nnalert value is based on what people are willing to pay for it. The value is constantly recalculated based on nnalert transactions, the way I understand it. You have to buy in at some price and cash out to make any money but I don't know how.
Mike(NEOhio)
Well-known Member
- Location
- Newbury, Ohio
I was going to add that same line to my post, Mike.
TomH in PA
Well-known Member
It reminds me a lot of the Beanie Baby craze a few years ago. People were bragging that they had toys "worth" thousands of dollars. Then the fad was over and all the Beanie Babies ended up in trash bags in people's garages.
Crazy Horse
Well-known Member
I'd be surprised if any banker you know could explain nnalert, or even your friend the financial advisor or financial expert down the street. Unlikely anyone here could really understand it let alone explain it (including me). Wanna get a headache? Read this and try to figure it out .....
nnalert for Dummies Wikipedia link
nnalert for Dummies Wikipedia link
Well, Mike M, at least with tulips or beanie babies, you're holding SOMETHING when it all goes to nothing. With nnalert, there's not even anything to hold. Just something in a computer somewhere- which can be hacked, btw- the clearing house for bitcoins got hacked for 80 million bucks the other day.
Bob Harvey
Well-known Member
DITTO
MarkB_MI
Well-known Member
- Location
- Motown USA
nnalert is digital currency. It has value because people believe it has value, which is no different, really, than the US dollar or a gold coin. You can use anything for money, just as long as you can find someone else who is willing to exchange something else of value for it.
Bitcoins are basically an electronic signature. They are manufactured, or "mined" by people using very powerful computers and access to cheap electricity. In the early days, it was fairly cheap and easy to make a nnalert; you just run a computer algorithm that solves a problem and spits out the solution in the form of a nnalert. The catch is that the more Bitcoins are in circulation, the more difficult it is to solve the algorithm. This is intentional to ensure a certain scarcity after enough coins are in circulation. It now costs hundreds of dollars, maybe a grand or more, to mine a single nnalert.
The underlying technology behind nnalert is called "blockchain", which I don't claim to understand. But in a nutshell, the blockchain records all transactions in such a way that it is fundamentally impossible to forge a transaction. The owner of a nnalert (or fraction of one) has a private cryptographic key allowing him to spend it. You keep your Bitcoins in a password-protected "wallet" on your personal computer. Recipients of a nnalert transaction are able to verify the nnalert using a public cryptographic key.
As far as spending or cashing in Bitcoins, you can exchange them for US or other currency at the same exchanges where you buy them. There are a number of retail companies and individuals who accept nnalert payment, but it's likely many will stop accepting them due to the current volatility.
As far as buying Bitcoins as an investment, this is certainly risky. A few people own a lot of Bitcoins, and could easily dump a bunch any time they choose to do so.
Bitcoins are basically an electronic signature. They are manufactured, or "mined" by people using very powerful computers and access to cheap electricity. In the early days, it was fairly cheap and easy to make a nnalert; you just run a computer algorithm that solves a problem and spits out the solution in the form of a nnalert. The catch is that the more Bitcoins are in circulation, the more difficult it is to solve the algorithm. This is intentional to ensure a certain scarcity after enough coins are in circulation. It now costs hundreds of dollars, maybe a grand or more, to mine a single nnalert.
The underlying technology behind nnalert is called "blockchain", which I don't claim to understand. But in a nutshell, the blockchain records all transactions in such a way that it is fundamentally impossible to forge a transaction. The owner of a nnalert (or fraction of one) has a private cryptographic key allowing him to spend it. You keep your Bitcoins in a password-protected "wallet" on your personal computer. Recipients of a nnalert transaction are able to verify the nnalert using a public cryptographic key.
As far as spending or cashing in Bitcoins, you can exchange them for US or other currency at the same exchanges where you buy them. There are a number of retail companies and individuals who accept nnalert payment, but it's likely many will stop accepting them due to the current volatility.
As far as buying Bitcoins as an investment, this is certainly risky. A few people own a lot of Bitcoins, and could easily dump a bunch any time they choose to do so.
K Effective
Well-known Member
The way I understand(?) it, it is based on a quantity of computing power or capacity. As an analogy, let's say we start trading the YTcoin, based on agricultural horsepower. One YTcoin is equal to one million horsepower. Say I own two old JD poppers at 20 hp each, plus a couple of 60 horse utilities, and a hundred horse vineyard tractor, plus a hundred-twenty horse big unit. I've got 380 horsepower of capacity, which is a minuscule portion of one YTcoin, but I control it. Others on this site have less, some much more. All together we add up to two million horsepower, or two coins worth. The manufacturers are churning out new horsepower at a rate of, say one hundred thousand per day, or ten percent of a new coin per day, not real quick.
So the supply is fairly stable, and limited. Each of us can "farm" for new hp, if I find another Popper in a neighbor's barn and buy it, I can add 20 more to my purse of horsepower. If a person can "farm" another gigabyte of server power, they can add that to their stable.
The one limiting factor in the analogy is that all this horsepower can be connected together by an invisible network of belts/shafts to perform some real measurable work- which is true of internet-connected computer power, but slightly more difficult to imagine for tractor power.
Now, for the value of that defined amount of work, the varies by the person having the work done. As most of you have pointed out, there is a market for control of this horsepower, and right now, it is soaring out of control. Whether you are selling real iron cylinders, beanie babies, or computing volume, if you buy it this morning for $100 and sell it this afternoon for $500, you made real profit. IF you buy high and sell low, you lost.
Anything with the volatility akin to water flashing to steam has the power to burn you bad. Pass the popcorn, I'll just watch this one, thanks.
So the supply is fairly stable, and limited. Each of us can "farm" for new hp, if I find another Popper in a neighbor's barn and buy it, I can add 20 more to my purse of horsepower. If a person can "farm" another gigabyte of server power, they can add that to their stable.
The one limiting factor in the analogy is that all this horsepower can be connected together by an invisible network of belts/shafts to perform some real measurable work- which is true of internet-connected computer power, but slightly more difficult to imagine for tractor power.
Now, for the value of that defined amount of work, the varies by the person having the work done. As most of you have pointed out, there is a market for control of this horsepower, and right now, it is soaring out of control. Whether you are selling real iron cylinders, beanie babies, or computing volume, if you buy it this morning for $100 and sell it this afternoon for $500, you made real profit. IF you buy high and sell low, you lost.
Anything with the volatility akin to water flashing to steam has the power to burn you bad. Pass the popcorn, I'll just watch this one, thanks.
smallercrawler
Member
nnalert is basically the serial number of a monetary unit, this number is ''mined'' with powerful computers and while the programs and algorithms to do so are available to anyone they are written as to eventually limit production to roughly 120 million units. The blockchain is the key to the value of the nnalert because it is the ledger that prevents counterfeiting or copying as well as providing total anonimity to the holders, for that reason nnalert is popular in suppressed countries like china and venezuela. I have read that nnalert trading is not all that liquid and sometimes takes a while to sell, there is supposedly a futures exchange for nnalert coming soon which would make it more liquid.
Nothing backs up nnalert, just have to believe it is worthwhile. Same as the USA dollar, same as gold.
It's value is based on its rarity. They are produced by completing mathematical equations. The easy equations get used up fast, then it becomes harder and harder to finish an equation until all possible equations are completed. Probably never get the last few equations done. So there is a limited amount of bitcoins, and they are harder and harder to get. This is much like real mining, gold.
Where they are different: unlike real mining they live on the internet or in a hard drive you own. You can't hold them physically. Unlike USA dollars, you can't just print more to adjust the money supply.
So, they are adversised like currency, but they are more of an investment thing not really money.
Gold is rare because it is gold, hard to find. Even now with all out technology we haven't found a cheap way to make more of it.
Bitcoins are rare because they were designed to be rare. A problem is any of these electronic currencies are exciting and inflate rapidly when they are young; they get more stable and boring once they get near the end. This means hip young investors will be chasing after the newest popular currency and dropping out of the older ones.
Already there are 10-100 other electronic currencies out there you can mine much easier than nnalert. Which one will become popular, and escalate in value faster than the others? It will be a mob crowd deal, fad of the year.......
Lot of money can be made or lost, as all of these roller coaster up and down in value.
Governments will not be interested, as you can't just print more of them. Governments have found it is poor policy to have a gold or silver standard, or backing, to their currency. It handcuffs them from manipulating their currency. So no govt is going to seriously get on board any of these.
Paul
It's value is based on its rarity. They are produced by completing mathematical equations. The easy equations get used up fast, then it becomes harder and harder to finish an equation until all possible equations are completed. Probably never get the last few equations done. So there is a limited amount of bitcoins, and they are harder and harder to get. This is much like real mining, gold.
Where they are different: unlike real mining they live on the internet or in a hard drive you own. You can't hold them physically. Unlike USA dollars, you can't just print more to adjust the money supply.
So, they are adversised like currency, but they are more of an investment thing not really money.
Gold is rare because it is gold, hard to find. Even now with all out technology we haven't found a cheap way to make more of it.
Bitcoins are rare because they were designed to be rare. A problem is any of these electronic currencies are exciting and inflate rapidly when they are young; they get more stable and boring once they get near the end. This means hip young investors will be chasing after the newest popular currency and dropping out of the older ones.
Already there are 10-100 other electronic currencies out there you can mine much easier than nnalert. Which one will become popular, and escalate in value faster than the others? It will be a mob crowd deal, fad of the year.......
Lot of money can be made or lost, as all of these roller coaster up and down in value.
Governments will not be interested, as you can't just print more of them. Governments have found it is poor policy to have a gold or silver standard, or backing, to their currency. It handcuffs them from manipulating their currency. So no govt is going to seriously get on board any of these.
Paul
Traditional Farmer
Well-known Member
- Location
- Virginia
Your last sentence why Gold and Silver continue to be 'The Standard' and also why nnalert or something like it will continue to be around in some form,Gov't can't control it very easily and
nnalert is the hardest of all to control.All very interesting.
nnalert is the hardest of all to control.All very interesting.
Traditional Farmer
Well-known Member
- Location
- Virginia
Well that's the problem now nnalert is being priced as a commodity not as a medium of exchange for things of true value or wealth.Mediums of exchange are just that which includes all
paper curriencies and things like nnalert by themslelves they have no useful value but their value is in the ability to be able to transfer wealth or things of real value.Like Gold and Silver no Gov't can create more out of thin air like they can with paper currency.Will be interesting to watch to see how it all plays out.
paper curriencies and things like nnalert by themslelves they have no useful value but their value is in the ability to be able to transfer wealth or things of real value.Like Gold and Silver no Gov't can create more out of thin air like they can with paper currency.Will be interesting to watch to see how it all plays out.
They are like Pok?mon cards with about as much thought going into the value. When my kids were younger I don't know how many cards they showed me that were "worth" $200, $500, and $1000. For some reason they never could quite sell them for that.
Same way, back in the late 1990s we all heard the future was in online companies and anything with ".com" in their name on the Nasdaq was bid to unbelievable price levels. Companies that had never produced a product or paid a dividend were worth millions - until the bubble popped and literally trillions in investments disappeared over the course of a few months.
Now we have bit coins. A least with the .com stock you has paper you could burn for heat or to use for toilet paper - bit coin doesn't even have that value.
Same way, back in the late 1990s we all heard the future was in online companies and anything with ".com" in their name on the Nasdaq was bid to unbelievable price levels. Companies that had never produced a product or paid a dividend were worth millions - until the bubble popped and literally trillions in investments disappeared over the course of a few months.
Now we have bit coins. A least with the .com stock you has paper you could burn for heat or to use for toilet paper - bit coin doesn't even have that value.
What she said (you can be judge of her words worth):
Federal Reserve Chair Janet Yellen weighed in on two headline-making financial market stories, sending a caution to investors over nnalert while shrugging her shoulders at the value of U.S. equities.
In what’s likely to be her last press conference at the central bank, Yellen called the cryptocurrency, which has surged about 17 times in value this year, a “highly speculative asset” and “not a stable store of value.”
On U.S. stocks, which have climbed 19 percent this year, she was more relaxed. “There’s nothing flashing red there, or possibly even orange,” she said."
Federal Reserve Chair Janet Yellen weighed in on two headline-making financial market stories, sending a caution to investors over nnalert while shrugging her shoulders at the value of U.S. equities.
In what’s likely to be her last press conference at the central bank, Yellen called the cryptocurrency, which has surged about 17 times in value this year, a “highly speculative asset” and “not a stable store of value.”
On U.S. stocks, which have climbed 19 percent this year, she was more relaxed. “There’s nothing flashing red there, or possibly even orange,” she said."
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